The Digital Payments Market is Set to Grow as Integration of New Tech Continues

According to research published by Market Reports Center, the global market for blockchain was valued at USD 708 Million in 2017 is projected to reach USD 60.7 Billion by 2024. IBM and Microsoft make up the driving force behind the blockchain market as their clients are making the transition to cloud services. The report explains that, as banks and other players of the financial industry move into the modern age of real-time transaction processing, blockchain will become an important solution. Another important segment for blockchain is the online payments, which has gained huge traction recently. Card-based payment methods, credit and debit cards have also become dominant. Blockchain supports all these changes by catalyzing an increased speed of transaction processing and greater efficiency in the real-time processing of transactions. GreenBox Pos LLC, Global Payout, Overstock.com, Inc., Hewlett Packard Enterprise Company, iQIYI, Inc.

Payments by cash are gradually declining as the emergence of digital, or cashless payment options, are rapidly being adopted. Industry leaders are investing in digital payments because of their convenience and technology-supported infrastructure. With the growth of the market, consumers have access to numerous payment solutions to pick from – bank cards, e-wallets or mobile in-store applications. Digital payments are also more secure, especially now that companies are investing in new cybersecurity software. According to data compiled by Mordor Intelligence, the global digital payments market was valued at USD 2.89 Trillion in 2017 and is expected to reach USD 6.49 Trillion by 2023. Additionally, the market is projected to grow at a CAGR of 13.7% during the forecast period, from 2018 to 2023.

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GreenBox Pos LLC and Global Payout (OTC:  GOHE) announced earlier this week the execution of a license agreement with GreenBox POS for, “its groundbreaking blockchain payment technology for use in a variety of business sectors. The Company’s wholly owned subsidiary, MTrac Tech Corp., executed an exclusive licensing agreement with GreenBox POS for certain types of industries, and now Global will also be able to utilize their technology to provide payments to a whole host of other industries considered both low and high-risk by traditional merchant processors.

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‘While the last year has been dedicated to the development and launch of MTrac, we have also been planning to expand the reach of Global Payout for some time,’ said Global Payout, CEO Vanessa Luna. ‘The extension of the license for Global Payout provides another revenue stream to the Company and offers us the opportunity to expand into other markets that lack consistent and reliable merchant processing. Further, I believe this relationship will offer the general public the ability to use the ledger technology of Blockchain in a salient way and can showcase how this technology can be use in a multitude of ways to solve many of the issues plaguing the financial services industry. The immutable ledger and tracking features allow unparalleled security and transparency that just isn’t available through other payment platforms, and we are extremely excited to bring this system to the mass market. GreenBox is an amazing company and working alongside their executive management team to execute this agreement has been a real pleasure, we look forward to the new year, and accomplishing many great things with the license.’

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